But the group cautions that the listing is still subject to requisite approvals from the relevant regulatory authorities

 

[SINGAPORE] Hong Leong Asia on Tuesday (Jan 27) announced that Guangxi Yuchai Marine and Genset Power (MGP), an indirect subsidiary of China Yuchai International (CYI), has submitted an application to list its shares on the mainboard of the Hong Kong Stock Exchange (HKEX).

 

CYI, which is listed on the New York Stock Exchange, has a 48.7 per cent stake held by Hong Leong Asia, which in turn is the trade and industry arm of the Hong Leong Group.

 

In a bourse filing, the company stated that it had applied to the Singapore Exchange (SGX) regarding the proposed spin-off. It added that the SGX has advised that it had &ldquo no comments&rdquo on the proposal based on the company&rsquo s submissions, effectively clearing the regulatory path in Singapore.

 

Although MGP is a principal subsidiary of the group, Hong Leong Asia said it does not expect to require shareholder approval for the proposed spin-off, citing information set out in the application to the Hong Kong bourse.

 

Still, the group cautioned that the listing is still subject to requisite approvals from the relevant regulatory authorities, as well as prevailing economic and market conditions.

 

MGP specialises in the research, development, production, sales and service of marine engines and power-generation systems. It provides diesel and gas engines for ships, oil rigs and power generators. Its products are exported to over 180 countries and regions. 

CYI specialises in the design, manufacture, assembly and sale of engines for lorries, buses, pickups, construction and agricultural equipment, as well as marine and power generation applications.